30th Jun 2009 07:00
TTG
TT electronics plc
Pre-close Trading Update
Trading conditions remain challenging following a significant weakening in customer demand in most of our major markets in the early months of the year, as the Group previously reported. Management actions have been taken to align the cost base with current levels of demand and overall trading remains in line with management expectations.
We continue to make good progress with implementing the strategy announced in January. The new range of connectors for military applications developed by the Components division has received full approval extending our product range for this specialist market. Following the decision to exit from the climate control business, we have exchanged contracts for the sale of the Forest Farm site in South Wales for a cash consideration of £2.3m.
In the first four months of the year the Group's financial performance was affected by both trading losses and by significant restructuring in line with the strategic plan. Actions taken by the Group have enabled profitable trading during May and June and progress has also been made in reducing working capital and controlling capital expenditure. Despite the restructuring costs, the Group's net debt is now lower than at the start of the year.
The results for the first half of the year will be announced on 20 August 2009.
Enquiries:
|
TT electronics plc Geraint Anderson, Group Chief Executive Shatish Dasani, Group Finance Director |
Tel: 01932 841310 |
|
Biddicks Zoë Biddick |
Tel: 020 7448 1000 |
Notes to Editors:
TT electronics plc is a technology based group, providing components, sensors, integrated manufacturing services and secure power solutions to a broad base of customers worldwide
For more information visit www.ttelectronics.com
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